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Quitting masters with postgrad loan

hiya, my course ends mid-august but i want to quit the course. I got my final loan instalment about 6 weeks ago. If i quit does that mean I have to pay back most of that instalment? The thing is i'm in my overdraft and student credit card which is one of the reasons I'm dropping out; it's too expensive. I'm moving back home. So the problem is I won't be able to pay the instalment back unless i can use my credit card? how much time do i get from when i officially quit? i don't know what to do. thanks for the help.

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Original post by sound of silence
hiya, my course ends mid-august but i want to quit the course. I got my final loan instalment about 6 weeks ago. If i quit does that mean I have to pay back most of that instalment? The thing is i'm in my overdraft and student credit card which is one of the reasons I'm dropping out; it's too expensive. I'm moving back home. So the problem is I won't be able to pay the instalment back unless i can use my credit card? how much time do i get from when i officially quit? i don't know what to do. thanks for the help.


If your university informs SLC that you've left then SFE will ask for the repayment of any laon they consider to be overpaid. They're normally quite reasonable about this (ie they wont send round the bailiffs if you are open with them about how much and when you can pay).

Is there any way you can negotiate with your university to complete the course maybe changing to part time for the next year? Your university student finance/support team should be able to help you understand the financial implications of leaving (ie you may be elgible for some of your fees to be refunded depending on the policy of your university) and your registry/student records team should be able to help you make sure the correct information is sent to SLC and that you are awarded anything you're eligible for (a PGCert or PGDip usually depending how many modules you've completed).
Original post by sound of silence
hiya, my course ends mid-august but i want to quit the course. I got my final loan instalment about 6 weeks ago. If i quit does that mean I have to pay back most of that instalment?


The answer is no! You are not considered to have been overpaid if you withdraw from a Postgraduate Loan funded course after the payment date of your most recent installment. You keep the whole thing and it goes on your income contingent repayment plan. (i.e. it's deducted fro your future earnings.)

On the other hand, if your uni tells us you withdrew before your last payment date, then that whole payment is an overpayment, and will be sought immediately. We'll be understanding of any financial difficulty that payment might place you in, and work out a plan that helps you manage it.

Thanks!
Original post by Evan SFE
The answer is no! You are not considered to have been overpaid if you withdraw from a Postgraduate Loan funded course after the payment date of your most recent installment. You keep the whole thing and it goes on your income contingent repayment plan. (i.e. it's deducted fro your future earnings.)

On the other hand, if your uni tells us you withdrew before your last payment date, then that whole payment is an overpayment, and will be sought immediately. We'll be understanding of any financial difficulty that payment might place you in, and work out a plan that helps you manage it.

Thanks!


OOoh thank you for correcting me - I had no idea there was no risk of overpayment from withdrawing after payment but before the end of the course.
Original post by PQ
OOoh thank you for correcting me - I had no idea there was no risk of overpayment from withdrawing after payment but before the end of the course.


Honestly, I got a second opinion before posting that. It's counterintuitive, but true!
Original post by Evan SFE
Honestly, I got a second opinion before posting that. It's counterintuitive, but true!


Can you answer this one: https://www.thestudentroom.co.uk/showthread.php?t=4748182 ? I'm really curious as to how it would play - it feels like another counterintuitive situation :biggrin:
Original post by PQ
Can you answer this one: https://www.thestudentroom.co.uk/showthread.php?t=4748182 ? I'm really curious as to how it would play - it feels like another counterintuitive situation :biggrin:


https://www.thestudentroom.co.uk/showthread.php?t=4748182#post71816958

Simpler than it looks :wink:
Original post by Evan SFE


:rofl: that's got to be the best SFE loophole I've come across
Hiya, So if I just got paid my second instalment, but I am going to quit after this, does that mean that I don't have to pay the money back straight away and it will be paid off with the rest of the loan (including my undergraduate loan) in the future?Thanks,Suzie
Original post by suziebonson
Hiya, So if I just got paid my second instalment, but I am going to quit after this, does that mean that I don't have to pay the money back straight away and it will be paid off with the rest of the loan (including my undergraduate loan) in the future?Thanks,Suzie

Hi Suzie,

If you've received a payment and your withdrawal date was after the payment date that amount will be added to your balance as normal and repaid once you enter repayment/earn over the threshold. If your withdrawal date was before your payment date you'll be required to repay this amount immediately.
Thanks, Isaac
Hello I am confused. I am thinking about leaving my post grad course. I have received the second instalment of loan from SFE and I have spent that loan on rent and things for my course. What will happen with paying that back if I withdraw
Original post by Jessiejessie
Hello I am confused. I am thinking about leaving my post grad course. I have received the second instalment of loan from SFE and I have spent that loan on rent and things for my course. What will happen with paying that back if I withdraw

Hi Jessie,


If you've received a payment and your withdrawal date was after the payment date that amount will be added to your balance as normal and repaid once you enter repayment/earn over the threshold.

If your withdrawal date was before your payment date you'll be required to repay this amount immediately. You can set up an affordable payment plan to pay this back.
Thanks, Isaac
Reply 12
Avatar for tomjg97
tomjg97
4
Hello,If I were to quit my master's course a couple of weeks after it started and only after the first loan instalment had been paid to me, would it be possible to repay this immediately and apply for a postgraduate master's loan for a new course in future?
Original post by tomjg97
Hello,If I were to quit my master's course a couple of weeks after it started and only after the first loan instalment had been paid to me, would it be possible to repay this immediately and apply for a postgraduate master's loan for a new course in future?

Hi, you won't be eligible for any future postgraduate funding unless you have Compelling Personal Reasons http://ow.ly/MsMM30pjjOm
Thanks, Isaac
Hi,I have a postgraduate masters loan, but I am thinking to downgrade my masters to pgdip. What would happen in this case as pgdip isn't eligible for a student loan. Will I receive the rest of my installment? And what about the loan repayment??Thanks in advance.
Original post by Saeed111
Hi,I have a postgraduate masters loan, but I am thinking to downgrade my masters to pgdip. What would happen in this case as pgdip isn't eligible for a student loan. Will I receive the rest of my installment? And what about the loan repayment??Thanks in advance.

Hi, you will be ineligible for funding so won't receive any more funding.

Will I receive the rest of my installment?
No you won't receive any further funding

And what about the loan repayment?
Please clarify further.

Thanks, Isaac
Reply 16
Avatar for PPeach2
PPeach2
1
Hi I’m considering dropping out from my masters! I have received 2/3 student loan funding. If I drop out before my last funding willI be expected to pay back all the funding I received? Or just the last amount of funding as I won’t be on the course anymore?
Original post by PPeach2
Hi I’m considering dropping out from my masters! I have received 2/3 student loan funding. If I drop out before my last funding willI be expected to pay back all the funding I received? Or just the last amount of funding as I won’t be on the course anymore?

Hi there,
If you've received a payment and your withdrawal date was after the payment date that amount will be added to your balance as normal and repaid once you enter repayment/earn over the threshold.

If your withdrawal date was before your payment date you'll be required to repay this amount immediately. You can set up an affordable payment plan to pay this back.

Thanks, Isaac
Reply 18
Avatar for Shabs06
Shabs06
1
Hi, I’m doing my MA part-time, and I’m in term 2 and received all my payment from student finance for my first year. However I have postponed my studies (going back next year potentially) and I’m thinking of withdrawing from my course, I’m not sure yet. Will I need to repay the loan from the first year immediately to student finance if I decide to withdraw completely?Thanks,Shabana
Original post by Shabs06
Hi, I’m doing my MA part-time, and I’m in term 2 and received all my payment from student finance for my first year. However I have postponed my studies (going back next year potentially) and I’m thinking of withdrawing from my course, I’m not sure yet. Will I need to repay the loan from the first year immediately to student finance if I decide to withdraw completely?Thanks,Shabana

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